Oman economy, personal finances have improved, says survey

(MENAFN - Muscat Daily) A recent survey shows that a large number of people in Oman are happy with the country's economic growth and expect the buoyancy to sustain in the future. The latest Bayt.com Middle East and North Africa Consumer Confidence Index Survey conducted by Bayt.com and YouGov says that a majority are also happy with the career growth opportunities that they have.

According to the survey, 67 per cent respondents from Oman expected their personal financial situation to improve in the next six months. As many as 35 per cent reported that they have already seen their financial situation improve over the past six months and only 11 per cent said that they had seen a decline in their personal fortunes.Fifty one per cent felt the sultanate's economy has grown in the past six months and 71 per cent expected the economy to perform even better in the coming 12 months.Regarding availability of jobs, 47 per cent of respondents said there were 'plenty' available, while 37 per cent said the next six months would see a further improvement in the number of job openings. Nearly five in ten respondents from Oman (46 per cent) expected to have more colleagues at their workplace in the coming six months.Oman respondents were also described as 'content with the career growth opportunities' (61 per cent), non-monetary benefits (50 per cent), and level of job security (54 per cent) in their current position, and 42 per cent reported being happy with their salaries and allowances.

''Despite a regional consensus on a proportional rise in the cost of living, positive sentiment across the region, particularly in GCC countries and more recently among North African states, can be seen, said Suhail al Masri, vice president of sales, Bayt.com.

Suhail Shaikh, director, YouGov stated, although some countries in the region, such as those in GCC, are more likely to see further economic buoyancy, the rising cost of living will be a major hurdle for others in the MENA region. ''People are more likely to feel the financial burden as their economies battle against the socio-political uncertainties.''

THE SURVEYThe survey was conducted online from February 9 to 24 and had a total of 6,728 adult respondents from Oman, UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Lebanon, Syria, Jordan, Egypt, Morocco, Algeria and Tunisia.

Positives58% believe that Oman's economy will improve further in the next six months47% believe that there are plenty of jobs in Oman and 37% believe that more opportunities will come up in the coming six months49% respondents say their companies had been hiring in the past six months44% respondents considering buying a vehicle in the next 12 months40% plan to invest in property in the next 12 months

Negative 71 per cent expect the cost of living in the country to rise over the next one year<